Wells Fargo claws back $75 million from former CEO and top exec

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Wells Fargo announced on April 10, 2017, it is taking back another $75 million from its former CEO and another top executive, blaming them for playing central roles in the bank's fake account fiasco.

Wells Fargo claws back $75 million from former CEO and top exec

Wells Fargo announced on April 10, 2017, it is taking back another $75 million from its former CEO and another top executive, blaming them for playing central roles in the bank's fake account fiasco.

NEW YORK — Wells Fargo is taking back another $75 million from its former CEO and another top executive, blaming them for playing central roles in the bank’s fake account fiasco.

The actions announced on Monday were the result of a massive, six-month investigation by Wells Fargo’s independent directors.

Wells Fargo’s board on Friday took back an additional $28 million from John Stumpf because the longtime CEO was “too slow to investigate or critically challenge” the bank’s sales tactics, the report said. It also clawed back $47 million from Carrie Tolstedt, the former head of Wells’ community banks.

All told, Wells Fargo senior executives are returning $180 million in pay. The board report said it is among the largest corporate clawbacks ever.